Saudi Arabia to extend voluntary cut of 1 million barrels per day until the end of the year
CNBC Key Points
- Saudi Arabia on Tuesday extended its 1-million-barrels-per-day voluntary oil production cut until the end of the year, according to the state-owned Saudi Press Agency.
- Riyadh first applied the 1 million-barrels-per-day reduction in July and has since extended it on a monthly basis.
- The cut adds to 1.66 million barrels per day of other voluntary crude output declines that some members of the Organization of the Petroleum Exporting Countries have put in place until the end of 2024.
Oil prices eased in Asian as concerns over slow demand from top crude importer China grew after bearish trade and inflation data, outweighing fears over tighter supply arising from output cuts by Saudi Arabia and Russia.
David Mcnew | Getty Images News | Getty Images
Saudi Arabia on Tuesday extended its 1-million-barrels-per-day voluntary oil production cut until the end of the year, according to the state-owned Saudi Press Agency.
Riyadh first applied the 1 million-barrels-per-day reduction in July and has since extended it on a monthly basis. The cut adds to 1.66 million barrels per day of other voluntary crude output declines that some members of the Organization of the Petroleum Exporting Countries have put in place until the end of 2024.
